CMBS

TPG Capital is including its newly acquired first-lien interest in a Microsoft-leased office campus in Redmond, Wash., in a portfolio of suburban office properties it is financing through a new two-year commercial loan.

Unusually for a debut transaction, the $329.7 million M360 2018-CRE1 will be actively managed: For the first 12 months after the closing date, funds from repaid principal can be used to purchase new loans, subject to eligibility criteria.

Commercial and multifamily mortgage debt outstanding grew $44.3 billion during the first three months of 2018, the largest first-quarter gain since before the Great Recession, according to the Mortgage Bankers Association.

All five – Plaza West Covina Mall (Calif.), Franklin Park Mall (Ohio), Parkway Plaza (Calif.), Capital Mall (Wash.), and Great Northern Mall (Ohio) – were built in the 1970s and have JCPenney or Sears as a major tenant.